A Return to Reality for Landlords of Furnished Apartments for the 2024 Olympics

Homeowners in Paris who had hoped to take advantage of the Olympic Games to rent out their properties at high prices have had to adjust their expectations due to the surge in listings. Although prices remain higher than usual, many homeowners have not yet found tenants.
 

For example, the owners of a 40-square-meter apartment in La Goutte d'Or had hoped to rent out their property for 280 euros a night and travel to Asia for a month. However, they have not yet found a tenant and are considering lowering their price to market rates—or even below them.
 

Quentin Brackers de Hugo, co-founder of the concierge service HostnFly, confirms that the number of rental properties has nearly doubled, which is spreading out the additional demand. The average price of accommodations booked on his platform is about 360 euros per night, which is 20% less than a month ago. He is hoping for last-minute bookings and is aiming for an occupancy rate of around 60–70%, compared to 30% today.
 

At Airbnb, the number of overnight stays booked in the first quarter for stays during the Games was more than five times higher than in the Paris region during the same period last year. The platform emphasizes that it is the increase in supply that keeps prices in check.
 

According to the data analysis website AirDNA, prices for listings still available for the Games are gradually falling but remain high: an average of 508 euros per night in Paris and 297 in the suburbs. However, accommodations that have already been booked are cheaper: 333 euros in Paris and 188 in the suburbs.
In short, property owners in Paris must adapt to increased competition and falling prices if they hope to rent out their properties during the Olympic Games.